Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1887-12-09


OF the government not yet cue at & rate oi
| premium to be agreed upon.
AN ALTERNATIVE.
The only provision Of Law from which
/ & power could be derived i5 found ia sn
/ appropriation bill passed Q number OF
/ years sgo, and it Is subject 10 the suspi-
cion that il was intended as temporary
( and limited in its application, instead CT
/ c1EI5TIiBE q continued discretion spG Eu-
. tl5rily. 10 condition ought TO exist
wien wSula justly The grant o.
/ power 70 8 siCg,e CiG-i4l upon his jIdg-
. men. f lis necessity 70 withhold from or
/ lsle-sz - tle business IF ,he people IN an
unusual DsnGsr l5lty held II the treas
/ ury, and thus Sn1Ct 81 MS will the f1Ru.
c.sl c0ncluo2 q Inc country; ana il il IS
f deemed ~ise 60 lodge Ia the Secretary CT
/ the Treasury tie authority in
! Tia present juIC.Qre 20 pur-
caase bonds It should be plainly
vested and provided Is far es possible
vita sugl checks &Hd limitations as Will
Gliae t6i3 OGictaI'5 right and discretion,
ana a. the same time relieve him from IN
due responsibility.
TIE QUESTION OF PURCHASING BONDS.
Ia considering the question OF purchas-
ing bonds is means OF restoring to cir
Cuiauon the surplus money accumulated
il the Treasury, II should be borne in
mind that premiums must Of course be
paid upon such purchase, that there may
De q large part Of these bonds held as in
vestmeuts, which can not be purchased at
any price, and inst combinations among
holders who are willing TO sell may IN
rcas0Is5iy enhance the cost Of such bonds
/ 10 the government. It hss been suggested
that the present bonded debt might be re-
funded st 8 less rate of interest and the
difference between the old and new secur-
ity paid in cash, thus fading use
for the surplus in the Treasury.
The success Of this plan il is apparent
must depend upon tne volition of the
holders of the present bonds, and it is not
entirely certain that the inducement
which must be offered them would result
in more financial benefits TO the govern
ment than the purchase OF bonds, while
the latter proposition would reduce the
principal Of the eebt by actual payment
lnstesd Of extending it.
TO DEPOSIT SURPLUS IN BANKS.
The proposition to deposit the money
held by tbs government in banks through
out the country for use by the people is,
it seems to me, exceedingly Objectionable
in principle, establishing too close rela-
tionshIp between the operations of the
government treasury aud the business OF
the country, and too extensive s coming
ling OF their money, thus fostering an IN
natural reliance in private business upon
public funds. Il this scheme should be
adopted il should Only be done as s. tenn
pOrary eXpedient to meet an urgent ne
cessiIy. Legislative and executive effort
should generally be in the opposite direc-
ton suG should have tendency to d.
vorce as much and as fast as can safely
be d0re the Treasury Department from
private enterprise.
EXTRAVAGANT APPROPRIATIONS
o. course it is ROT expected that un-
necessary and GXtr2vagant appropriations
viii be made for the purpose Of avoiding
the accumulation Of IN excess Of revenue.
Such expenditure, beside the democrat
I .tiCn Of 81, Just conceptions of public
DUTY which II GnCaiIs, stimulates habit
of reckless improvidence not in the least
consistent with the mission CT our people
or the hga 8Dd bertfcent purposes Of
our government.
THE GRAVITY { The SITUATION.
[ have deemed Il my duty to thus bring
10 the knowledge Of my countrymen,
IS well as to the attention
e their representatives charged with
the responsibility Of legislative re-
lief he gravity of our financial situation.
The failure OF the Congress heretofore to
provide sgains5 The dangers which it WAS
quite evident from the very nature of
the Difficulty mUss necessarily oe produced
csuset q CONDITION OF financial distress
and appreaensiODs since your last al
j0urrment which taxed to the utmost ell
the authority and eXpedieuts within ex-
ecutiye ctntr0I and these appear now to
be exhausted. l. disaster results from
the continued iasCtion of Congress the re-
spouSibility muat rest where it belongs.
The situation thus far considered is
frxught with danger which should be
fully realized and though il presents fea-
lures Of wrong 90 the people as we'll IS
peril to the country, is is but s. result
growing cut OF q perfectly palpable
and apparent cause constantly repro
Guci1g the same alarming circumstances,
the congested natiOnsl treasury and de-
pleted monetary condition in the business
of the country.
REMEDY FOR TEE SITUATION.
l. need lily be stated that while the
present sis ion demands Il remedy we
can only be saved from like predIcament
in the future by the removal OF its cause.
Oar system % taxation By means OF which
this surplus is taken from the people and
pU5 in the public treasury, consists CT o
tariff or duty Levied upon impOrtations
from from abroad end internal revenue
taxes Wed upon the consumption OF to-
bGcco and spirltuQus and malt liquors. It
must be conceded that none of the things
subjected 20 internal revenue taxation
are strictly speaking necessities. There
appears to be no just complaint Of taxa
ton by consumers Of these articles, and
there seems to be nothing so we'll able to
bear the burden without hardship TO any
portion of the pecplel But our present
tariff laws, the vicious, iniquitous and IL
legal source Of unnecessary taxation,
ought TO be st once
REVISED AND AMENDED.
These laws a5 their primary and plain
effect raise the price to consumers Of all
articles imported and subject to duty By
precisely the sum paid for such duties
Thus the amount OF the duty measures
the tax paid by those who purchase for
use these imported articles Many of
t1ese things, however, are raised or man
u!actured IN our own country and the
duties now levied upon foreign goods and
products are called protection to these
home manufacturers, because they render
it possible for those of our people who
are manufacturers to make these taxed
articles, and sell them for price equsl
to that demanded fer the imported goods !
that have paid customs duties. So it |
happens that while comparatively q few
use the imported articles millions OF our
nennla who never nse and never saw the |